Renault in talks with Nissan and Mitsubishi over new alliance body

Renault in talks with Nissan and Mitsubishi over new alliance body

Renault in talks with Nissan and Mitsubishi over new alliance body

Ghosn, who was arrested in November, has been charged with falsifying financial reports in under-reporting his compensation, and breach of trust in having Nissan shoulder investment losses and making payments.

Sepehri was among a group of Ghosn loyalists who explored legal ways to pay him undisclosed income via the Dutch Renault-Nissan BV venture, and had herself received extra pay from the subsidiary, Reuters earlier revealed.

Renault-Nissan alliance was first set up during 1999 and Mitsubishi Motors Corp. had been added to the alliance in 2016, and, Carlos Ghosn who had served a Chair for all three companies and the alliance boss, had been thrusting for a much deeper tie-up between Renault and Nissan, including a possible merger, before his arrest and dismissal on November a year ago on accusations of alleged financial misconducts.

He was stripped of the role of Nissan chairman but remains a board member.

Nissan CEO Hiroto Saikawa said in the past he believed that Ghosn wielded too much power, creating a lack of oversight and corporate governance.

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The notice from Nissan says its investigation also found Ghosn used company money for personal expenses.

The notice did not give specifics, but sources familiar with the investigation have pointed to fancy homes in Lebanon and Brazil, as well as expensive furnishings such as a chandelier. In Japan, preparations can take months.

"Nissan's strong opposition to Ghosn's attendance is very regrettable", Hironaka said outside his law office.

He was granted bail last week at the third time of asking, with bail set at 1 billion yen (9 million USA dollars) and released under the provisos that he will not leave Japan and remain under limited video surveillance at the entrance to his residence. He has been let out on bail under conditions that he should remain in Japan and should not destroy evidence.

It is unclear whether he will try to attend next month's shareholders meeting.

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Former Alliance Chairman Carlos Ghosn was barred from attending the board meeting by a Tokyo judge. The court apparently saw his coming in contact with other Nissan officials as a risk.

The new management structure will be in place for the Alliance's 20th birthday, which takes place on March 27.

Nissan holds a 15% non-voting stake in Renault, whose biggest shareholder is the French government.

Also on the shareholders' agenda is the dismissal of Greg Kelly, a director who was arrested with Ghosn and accused of working with Ghosn in the alleged misconduct.

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